Ford in Driver's Seat

The auto maker doubled its dividend, cheering investors who should expect more gains.

Ford shares are in the fast lane following the auto maker's decision to double its dividend. And by all appearances they may race higher still.

Before Thursday's opening bell, Ford Motor (ticker: F) said that it would pay a quarterly dividend of 10 cents a share, up from its previous per-share dividend of five cents. At current levels, that would push its yield up to about 3%. (Shareholders on record as of Jan. 30 will receive the...